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VPort

Portfolio managers must maintain accurate and current portfolio valuations and information, especially considering the volatile interest rate and increasingly burdensome regulatory environments in which institutional investors operate. In response to this need, we have developed VPort – a system which provides portfolio managers with monthly price indications and timely information necessary to manage their portfolios.

For over a year, we performed extensive research to determine the best pricing sources for each product type. And, we continually challenge whether the source of each sector’s pricing is the best possible choice. As a result, we are able to provide customers with monthly price indications which are derived from the following sources: six third-party vendors, internal pricing systems or trading desk personnel. Each month, VPort publishes prices for approximately 60,000 unique securities (approximately 97% of the securities in customers’ portfolios). Prices are processed one week to ten days before the end of the month in order to provide customers with pricing information prior to month-end. In addition to pricing, the system is used to monitor when calls have been announced, to identify securities for which attractive trade opportunities exist, and to match buyers and sellers with product thereby providing a more efficient market.

System Highlights

Securities Database - Our extensive database of security detail information allows us to quickly and accurately determine security characteristics.

Price Indications - Each month, VPort prices customer portfolios early enough to provide detailed pricing reports to customers before the end of the month. By providing this information early, customers have ahead start on accounting entries (if applicable) and planning for the month to come.

Book Gain/Loss - In addition to pricing portfolios, VPort reports provide customers with the gain or loss in each position relative to the book value. This allows portfolio managers to assess the profitability of each position and to better manage the portfolio in a manner consistent with the institutional investor’s need for capital gains or losses.

Month-to-Date Gain/Loss - VPort reports list the gain or loss on each position since the previous month’s prices, providing detail to price movements in each security for the month.

Monitoring Calls - When the issuers make announcements, our customers are notified almost immediately. This early notification, even before many custodians are aware, allows our customers to plan for reinvestment and take advantage of the timeliness of this information.

Trade Opportunities - Using VPort, we are able to notify customers of unique trade opportunities quickly and efficiently. For example, if a dealer is short an issue owned by one of our customers and is offering to purchase the security at an above market price, we can notify the appropriate customers of the opportunity. Furthermore, through VPort, we can inform you when a security which you own is offered for sale, thereby presenting you with an opportunity to add to an existing position at an attractive price. On the other hand, when you are selling securities, we may be particularly aggressive in bidding your securities since we may have other customers who own the same security and are interested in increasing their position.

To have your portfolio placed on the VPort system and to receive monthly price indication reports, contact your account representative.

Of course, as with all pricing services, pricing indications are for evaluative purposes only and do not represent market "bids" or "offers". Comparisons have shown that VPort provides reasonably accurate estimates of portfolio values even though individual securities may actually trade at prices higher or lower than price indications.

For additional information, please contact your ICBA Securities account representative or Jim Reber at 800-422-6442.